The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) issued on July 7, 2020, Circular No. 1089, which sets out the Payment System Oversight Framework (Oversight Framework). This is in line with the BSP’s mandate under Republic Act No. 11127 (National Payment Systems Act) to ensure a safe, efficient, and reliable national payment system through an effective regulatory and governance framework.

Circular 1089 supplements Circular 1049 (dated September 9, 2019), which required registration of operators of payment systems and mandated the creation of a Manual of Regulations for Payment Systems (MORPS). Circular 1089 is the second tranche of regulations that are included in the MORPS.

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